The Experience Economy
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The document discusses how experiences are becoming the foundation for future economic growth. Successful companies will use products and services to create engaging customer experiences. It provides examples of how coffee, birthday offerings, and other industries have progressed from commodities to differentiated experiences. The document also outlines ways to stage customer surprises and create positive impressions through cues related to time, space, technology, authenticity, sophistication, and scale. It recommends eliminating negative cues like unnecessary signage, clutter, wear and tear, and poor staff behavior.
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This document summarizes a workshop on innovation and value creation presented by Daniel Pandza at Tecnol¨®gico de Monterrey in Guadalajara, Mexico. The workshop discusses how innovation is the implementation of profitable ideas and the art of value creation and delivery for customers. It explores how to reframe products to meet higher customer needs and how innovation efforts can have varying impacts. The workshop also introduces the Business Model Canvas as a tool to manage innovation activities and relationships.All the world's a stage
All the world's a stagedewain
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1) In the experience economy, consumers will demand experiences from companies that can transform their behavior, health, and lives.
2) Experiences are memorable events staged by companies that engage individuals in a personal way beyond just goods and services.
3) While the experience itself is transient, people value the lasting effects experiences have on them - experiences change who we are and what we can accomplish.Stimmt Customer Experience
Stimmt Customer ExperienceHelmut Kazmaier
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Your customers buy your products but they pay for experiences. The document discusses that customers are increasingly paying for experiences rather than just products. It recommends that companies focus on designing customer experiences and interactions rather than just products in order to differentiate themselves and increase profits. Experiences are harder for competitors to copy and customers will pay more for good experiences. The document provides examples of how the consulting firm Stimmt has helped clients shift their focus to experiences.716dumitrescu&stanciu&tichindelean&vinerean
716dumitrescu&stanciu&tichindelean&vinereanbarabaha25
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1) The document discusses the importance of establishing positive customer experiences for companies. It highlights how customer experiences can influence consumer behavior and loyalty more than products/services alone.
2) Managing customer experiences effectively requires emphasizing customer needs, ensuring every interaction is memorable, and embedding the focus on customer experience into the company's culture.
3) The customer experience is described as holistic, involving cognitive, emotional, social, and physical responses. It encompasses all aspects of searching, purchasing, consuming, and experiences after sale.Experience Radar 2013: Lessons from the US grocery industry
Experience Radar 2013: Lessons from the US grocery industrySertus, LLC
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The 2013 Experience Radar report highlights significant trends and insights from the U.S. grocery industry, emphasizing the importance of understanding customer expectations to enhance their shopping experience. With intense competition and evolving consumer demands, grocery stores must leverage customer experience segments and enhancers to create value and foster loyalty. The report identifies key attributes of grocery shopping, such as convenience, quality, and emotional connections that can drive top-line growth and improve financial performance.The network as an experience platform
The network as an experience platformEricsson
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The document discusses the transformation of telecommunications networks into 'experience platforms' as a response to the rise of the experience economy, where the focus shifts from goods and services to personalized customer experiences. It highlights the necessity for operators to adopt experience management centers (EMCs) to effectively create and manage these experiences, enabling them to capture the value lost due to commoditization. Additionally, it emphasizes that the evolution towards an experience economy requires operators to engage creatively with customers and utilize digital technologies to enhance consumer interactions.Service profit link
Service profit linkAegis Global Academy
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The document introduces the World's First Institute of Customer Experience Management, which addresses business challenges through the science of customer experience. It discusses how customer experience is created through interactions between customers and a company's people, processes, products, and environment. It also explains the service profit chain and how engaging employees through empowerment, acknowledgement, and learning can help close the service quality gap and improve customer experience.Utsav Mahendra : Services Management
Utsav Mahendra : Services ManagementUtsav Mahendra
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This document discusses global services and their marketing internationally. It provides examples of common international services like banking, engineering, and education. It also outlines key differences between services and goods, noting that services are intangible and require customer involvement. The document then examines issues related to international trade in services like data collection challenges, regulatory barriers, and efforts toward trade liberalization. Finally, it provides strategies for starting to market services abroad and considerations for international services marketing.Sse experienceeconomy 4_b_2011
Sse experienceeconomy 4_b_2011alexandradrissner
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The document introduces the concept of the experience economy, which represents an evolution from selling goods to delivering services to staging experiences. An experience can be designed along dimensions of participation and connection to create a memorable event for customers. To do so effectively, companies should theme the experience, eliminate negative cues, engage all senses, mix in memorabilia, and charge a price relative to the perceived value in order to design successful experiences.Ad
The Experience Economy
- 1. Lawrence Appell & Associates Maximizing Your Return on Investment in the Cost of a Prospect The Experience Economy
- 2. The Experience Economy Manufacturing products and providing services are no longer enough. Experiences are the foundation for future economic growth. Successful companies will use products as props and services as the stage to create experiences that will engage customers in personal ways. From the Experience Economy: Joseph Pine & James Gilmore Lawrence Appell & Associates 2
- 3. The Experience Economy The Progression of Economic Value Differentiated Relevant to Stage Experiences Deliver Services Competitive Needs of Position Customers Make Goods Extract Commodities Undifferentiated Irrelevant to Market Pricing Premium Lawrence Appell & Associates 3
- 4. The Experience Economy Example: Price of Coffee Offerings Differentiated Premium Starbucks Experiences Coffee Vendors Services Pricing Roasted / Ground Coffee Goods Coffee Beans Commodities Undifferentiated Market Lawrence Appell & Associates 4
- 5. The Experience Economy Example: Price of Birthday Offerings Differentiated Premium Get Cake with Staged Party Experiences Buy Cake from Services Bakery Pricing Bake Cake using Mix Goods Bake Cake from Scratch Commodities Undifferentiated Market Lawrence Appell & Associates 5
- 6. The Experience Economy Example: Insert Your Idea Here! Differentiated Premium Experiences Services Pricing Goods Commodities Undifferentiated Market Commodity Goods Service Experience Lawrence Appell & Associates 6
- 7. The Experience Economy Staging Customer Surprises What Customer Actually Gets Customer Surprise = Minus What Customer Expects to Get Lawrence Appell & Associates 7
- 8. The Experience Economy Staging Customer Surprises Example 1 I got a free lunch! I ll never forget the = Minus time when... I expected to pay $7.50 Lawrence Appell & Associates 8 Westlake Management Company, LLC
- 9. The Experience Economy Staging Customer Surprises Example 2 I sampled sushi & loved it! I ll never forget the = Minus time when... I thought sushi was raw fish Lawrence Appell & Associates 9
- 10. The Experience Economy Six Cues to Creating Positive Impressions 1. Time: traditional vs. contemporary vs. futuristic 2. Space: city/country, east/west, indoor/outdoor 3. Technology: hand-made/machine-made, natural/artificial 4. Authenticity: original or imitative 5. Sophistication: refined/unrefined, expensive/cheap, easy/ difficult 6. Scale: large/small Lawrence Appell & Associates 10
- 11. The Experience Economy Eliminate Negative Cues 1. Signage: information that must compensate for poor design¡ (e.g. order here , pick-up here , wait here ¡) 2. Clutter: stuff that has nothing to do with the experience¡ (e.g. newspapers, flyers, solicitations, etc¡) 3. Wear & Tear: fixtures, furnishings & equipment that needs replacement or repair 4. Behavior: Poorly trained staff Lawrence Appell & Associates 11